How Much Luck Matters in Achieving Success in Business: Analysis of the Studies

The controversy of the topic of luck and success in the world of business has always been discussed and argued about. Successful business people share their views on the importance of luck in business, and even then, there are disagreements being faced. People often see a successful entrepreneur and assume they got lucky or privileged along the way. A role of success can also be defined by privilege. An easy example would be born in a developed western country, in a middle class family.

There are more resources and opportunities available. The country is more technologically and economically advanced and is more free and accepting compared to other nations. Privilege can be viewed as a part of luck since people do not get to choose the country they are born at, the class, or the ethnicity. Luck and privilege in the business world can differentiate, depending on the availability of resources, advanced social media.

Coming from a wealthy family can give a person a head start, whereas a person from the lower class would have to work hard to even start. Some people see luck as this external force we have no control other. Some believe you earn what you earn, and you create your own luck. More than that, fortune is being made by someone who put themselves into a position where luck and fortune happens. Some people are lucky. Other people are not. However, the term “luck' is one of the most misunderstood terms and underestimated factors that might come across in life. When talking about talents, the skill continuum has long been an issue of great interest in business and investment. The existing facts have shown that much of the success of business start ups falls more towards the luck side of the continuum.

However, mere reliance on luck can be a risky undertaking because all businesses need to have a skillful manger in order for the likelihood of success to be persistent and predictive. In point of fact, the analytical, behavioral, and organizational experiences of a skilled manager can smooth out unforeseen risks when the entrepreneurs and managers have run out of luck. It is more likely that mere luck is not enough and entrepreneurs should solidly rely on the knowledge and skills of business managers. So, typically people who are successful in business and life generally believe their skill was an overriding factor, though they may slightly joke about it, as with Jeff Bezos’ comment on Amazon’s success – “half luck, half good timing, and the rest brains”. Others simply believe there’s a lot of luck involved.

Source 1: Do You Believe in Business Luck? By Aileron

The source opposes my belief and argues that luck is a matter of success. The author states that fate and luck play a huge role in business. His perspective is defined by how the timing shaped the path, and no matter what angle you take, the timing has to be right for your success to fulfill. The author states that if a person is unlucky, it’s very hard to be successful no matter what they do. Fate and luck play a big role in business. By talking to entrepreneurs, the author concluded that all financially successful people only have two real things in common: luck and timing. The company needs to be put in the right place at the right time to be successful. “We all need to learn to accept business outcomes outside our control.” Therefore, the author still encourages to Work hard to achieve your personal success.

The author has a strong belief that luck is the matter of success and it strongly opposes other views. It is biased and sends out a message about how starting businessmen have to find the right timing. It almost discourages people to put in hard work. The source gives a genuine opinion of the author that is being supported by interviewing people. The idea that was not considered is the time and circumstances are both out of the control, and therefore the focus should go into development and work. Luck cannot appear out of nowhere and take up all the responsibility for success. However, the author presented the idea of luck by the manner of time. The author feels strongly about time and luck making up success, without considering sources such as hard work, talent, persuasiveness.

The source will play a role of the opposing argument on how the matter of success depends on luck only. I will argue the idea, but might draw connections on the force that defines luck as the timing. This source will benefit by understanding biases on success and therefore, will lead to the expansion of the argument by defining luck scientifically. It will also serve as a tool to hear the opposing side and knowing what was implied and how it is explained.

Source 2: Success Is Not a Matter Of Luck-it's an Algorithm by Francesco Marconi

This source is by Francesco Marconi, strategy manager for The Associated Press. He argues that success is not a matter of luck, but it is an algorithm. This algorithm can be replicated. It can be personalized. It is the four-step strategy that helps people to discover their full potential and achieve more. Hard work and determination are the leading factors to achieve success. The purpose is to demonstrate that your success only depends on yourself and cannot be blamed on 'bad luck'. The acronym ENGAGE discusses such strategies as exploring, narrowing, generating, anticipating, gaining, and elevating. They prove to work as Harvard psychologist Ellen Langer and a team of researchers have tested participants to find out the results and support hypothesis.

The author of the article had been researching the field of study through various experiments and testings. He observed and took notes ever since the beginning of his career. Later on, he was researching communications, psychology and strategic planning, as well as looking for a pattern. His algorithm is E.N.G.A.G.E. that will help to promote 'successful thinking'. However, he points out, the formula doesn't work unless a person does and the potential is there waiting to be discovered. The author’s perspective is clear: focus and improvement make the success happen. He encourages people to put in effort because he believes it will pay off. This source partially supports my working thesis, which is people’s efforts matter in achieving success. But it also expands and specifies on how to act upon your career. The steps provided are the hints that help people focus on what is important to them. It will combine into “I Say” part to support my argument. It also plays a role in contradicting the first source that argues for the opposite, luck. I will contrast the two, allowing for both perspectives to show.